The International Organization of Securities Commissions (IOSCO) issued a Survey Report on Regulation and Oversight of Auditors to obtain a description of the structures and processes in place in 2004 for regulation and oversight of auditing.
The overall picture is one of a mixed and changing landscape of auditor oversight arrangements. The IOSCO principles for auditor oversight and auditor independence are broadly implemented. Many variations exist in the approaches, structures, and methodologies used in member jurisdictions.
Nearly all responding IOSCO jurisdictions have laws and regulations which specifically address the conduct of auditors and the oversight of the audit profession. Most jurisdictions have a formal body that exists to provide direct oversight of auditors. Requirements for auditors, in terms of education, training, and other qualifications for auditors vary considerably around the world and in some cases also vary within a single jurisdiction.
Among others, requirements for supervision of audits of public listed companies also vary considerably around the world. Auditing standards in current use include both national auditing standards and International Standards on Auditing (ISAs) issued by the International Accounting and Assurance Standards Board (IAASB).
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